CHICAGO, Feb. 27, 2019 /PRNewswire/ -- According to the new research report "3D Printing Filament Market by Type (Plastics, Metals, Ceramics), End-Use Industry (Aerospace & Defense, Medical & Dental, Automotive, Electronics), Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecast to 2023", published by MarketsandMarkets™, the 3D Printing Filament Market is expected to grow from USD 1.3 billion in 2018 to USD 4.4 billion by 2023, at a CAGR of 27.1% from 2018 to 2023. Major drivers for the market include the increasing applications in various end-use industries, government investments, and increasing awareness about 3D printing technology in developing countries.

The plastics material type is projected to lead the market during the forecast period.

Based on type, the 3D printing filament market is segregated into plastics, metals, ceramics, and others. Among these, plastics are the most consumed material due to their properties and cost-effectiveness. Plastics are widely used in many end-use industries for various applications. The metals filament segment is expected to grow at the highest CAGR during the forecast period. Plastics ban in various developing countries, such as India, is the major restraining factor for the growth of the 3D printing filament market.

Aerospace & defense is projected to be the largest end-use industry segment, in terms of value, during the forecast period.

Based on end-use industry, the 3D printing filament market is segregated into aerospace & defense, medical & dental, automotive, electronics, and others. Among these, the aerospace & defense segment is expected to lead the 3D printing filament market globally. Increasing application areas of 3D printing technology and the demand backlog of almost equal to 10 years of Boeing are expected to lead to an increase in the demand for 3D printing filaments. This positive growth in the aerospace industry is expected to drive the growth of 3D printing filament market during the forecast period.

North American region is projected to be the largest consumer of 3D printing filaments, in terms of value, during the forecast period.

By region, the 3D printing filament market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, North America is expected to lead the 3D printing filament market during the forecast period. In addition, increasing investments and awareness about 3D printing filaments in various developing countries are expected to fuel the market. The Asia Pacific 3D printing filament market is expected to grow at the highest CAGR during the forecast period.

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